Portfolio Update

Baring Emerging Europe PLC announces that at close of business 31 March 2013
its ten largest investments were as follows:


                                        % of Total Assets

Lukoil                                        11.06
Sberbank                                      10.97
Gazprom                                        6.30
Turkiye Petrol Rafinerie                       4.68
Turkiye Halk Bankasi                           4.49
Novatek                                        4.41
Mobile Telesys                                 4.14
VTB Bank GDR                                   3.85
Rosneft                                        3.19
MMC Norilisk Nickel ADR                        3.14


The geographic breakdown at close of business 31 March 2013 was as follows:

                                                %

Russia                                        65.28
Turkey                                        17.68
Georgia                                        0.97
Poland                                         9.86
Czech Rep                                      0.65
Ukraine                                        1.20
Hungary                                        1.80
Slovenia                                       0.05
Cash & Equivalents                             2.51